This will be applicable for deposits booked on or after 24th January 2011. DHFL Bank is one of the highest interest offering banks and provides an interest rate of up to 9.25% for fixed deposits. Today’s deposit rates really pale in comparison with interest rates of the past. Which bank is the best to invest on fix deposit 2020. Are you wondering which bank offers the highest rates for you to make more money? You can choose to open several fixed deposits at different banks and reap the interests alone. Nigerian banks fixed deposit rates differs from one bank to the other. We have listed the best top banks in Nigeria with their various interest rate for you to compare and make your choice below. Wat will be the interest rate of 1.5m wit zenith bank sir. Comment:it’s a lie Gtbank fit deposit interest rate is 0.5% it’s not even up to 1thousand naira monthly. Get 0.20% p.a. W.E.F 17 th June 2020; On balances up to 1 lakh in the account: ... NRO FD (Non Resident Ordinary Fixed Deposit) Interest Rates (with effect from 07 th January, 2021) Tenure: Deposit Interest Rate (% per annum) 10) Interest rates offered on these deposits vary from bank to bank. If you are their priority banking customer, you can get a preferential rate of 0.30% p.a. Click here to know more about the fixed deposit interest rates so that you can pick wisely the fixed deposit that best suits your needs. The interest rate of First Bank of Nigeria fixed deposit in 30 days of investment or one month is 2.5% of the sum deposited. Fixed deposit interest rates offered by banks in Nigeria, Current Nigeria Banks Deposits Rates as published by Centreal Bank of Nigeria CBN First Bank of Nigeria fixed deposit account interest rate, 2. For an average deposit of half a million Naira you’ll receive the following: For an investment of half a million Naira, you’ll be offered 4.5% interest no matter the period of time you sign up for. Wema Bank fixed deposit account interest rate, 4. Stanbic IBTC fixed deposit account interest rate Invest your money as little as 1000# @investment one … They are reliable GTB gave birth to it… And earn your interest daily…..with interest of 10% .. 2. Such an endeavour will also come in handy for choosing a suitable combination of tenure and deposit amount. After 60 days, it will increase by 2.7%. June 22, 2020 GTBank fixed deposit account interest rate, 6. For an investment of half a million Naira, you’ll be presented with: Just outside of the Top 3, we have the Wema Bank. Since then, some banks could have changed their rates, because that’s the way they operate. Helps you save money to avoid reckless spending your savings. Disclaimer: All of the data provided here is accurate as of the first half of 2019. After 60 days, it will increase by 2.7%. The honorary first place goes to Sterling Bank. Remember that the banking industry is an ever-changing system, so be on the lookout for any new opportunities. Yes. Competitive Rate of Interest: The IDFC Bank FD rates are attractive across all the tenures.All the depositors who are under the age of 60 can get a maximum of 7.00% rate of interest while the IDFC Bank FD rates for senior citizens is 7.50%. What this means is that your N500,000 FD investment can yield an interest of N1,250 after one month. If it is left untouched for 90 days, it will appreciate by 3.75%. Get fixed deposits at attractive interest rates at Axis Bank and ensure good returns on your investment. Features & Benefits of IDFC Bank Fixed Deposit. Currently, Suryodaya Small Finance Banks is offering the highest FD interest rate of 7.50%, for select tenure. Average Balance in Quarter (INR) Rate of Interest p.a. You have entered an incorrect email address! Lucky for you, you can find a list of the Top 6 Nigerian banks with the best interest rates below: The First Bank of Nigeria is one of the oldest and most reliable options on the market. Note: As per the Terms & Conditions of Fixed Deposit Accounts of the bank, the penalty on premature closure of Fixed Deposits including sweep-in and partial closures has been fixed by the Bank at the rate of 1% provided your RFC FD interest is equivalent to 1% or more . Nigerian banks fixed deposit rates differ from one bank to the other. I also have a referral program. The Bank pays interest on deposits as per various deposit schemes. You determine how long you open your deposit. Fixed deposits offer attractive interest rates and runs for a pre-defined tenor. Fees could reduce earning on the account. As per the decision taken by the Competent Authority rate of interest on Bulk Term deposit above Rs. The fifth place for goes to Stanbic. Ibukun is a professional Nigerian blogger and former contributor on Nigerian Infopedia. If you choose to go with this option, you’ll enjoy marginally better rates, although the numbers still aren’t as impressive as you would expect. Wema Bank fixed deposit account interest rate, 4. Existing Rates for Senior Citizens w.e.f. The interest rate of First Bank of Nigeria fixed deposit in 30 days of investment or one month is 2.5% of the sum deposited. It’s rather simple. While GT offers the same rates as the previous member of our list, it gives an equal opportunity to all deposit lengths. Standard Chartered SGD Fixed Deposit. The money will also appreciate by 3.25% if you leave it for up to 60 days and 3.5% after 90 days. Access bank interest rate for fixed deposit is slightly higher as if you deposit 600,000 Naira into fixed deposit, it will appreciate by 4% after 30 days of investment. Although, there are small interest rates attached, there are also several benefits of this type of investment if you choose to setup a fixed deposit account which include: Let’s say you’ve decided to invest your money in a fixed deposit, but where do you go from here? A fixed deposit is a kind of bank service also called FD which grants you a guaranteed interest rate which is different from other types of deposits. The fifth place for goes to Stanbic. If after 60 days, the money isn’t touched, it will increase by 4.35%. If you choose to open a deposit with them, you’ll be offered: Now you know everything about fixed deposit interest rate in Nigeria, and know which bank to visit to get the best offer. The interest rate of Stanbic IBTC fixed deposit account after 180 days of investment is 0.5% on N1million as at 10/3/2020. Even though they don’t offer the best interest, you can be 100% sure that they will pay you back every last Naira. The interest amount calculated is rounded off to the nearest rupee. GTBank fixed deposit account interest rate, 6. Federal Bank revises its FD interest rates: 8 August, 2019 Federal Bank has revised its fixed deposit interest rates with effect from 6th August 2019. For an average deposit of half a million Naira you’ll receive the following: For an investment of half a million Naira, you’ll be offered 4.5% interest no matter the period of time you sign up for. Here are the latest fixed deposit interest rates in the post office in 2020. A fixed deposit is a kind of bank service also called FD which grants you a guaranteed interest rate which is different from other types of deposits. 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Return to content, Footnote 3 Revised interest rates are applicable only to the renewals and fresh deposits while existing deposit continue to get interest at the contracted rate: Interest Rate on Term Deposits (w.e.f. The bank which allow customers open a fixed deposit account for a period that ranges between 7 days and 10 years has cut the interest rates on deposits maturing in one to two years. Access Bank fixed deposit account interest rate, 5. FD interest rates HDFC Bank (below Rs 2 crore) effective from November 13, 2020: On deposits between 7 days and 29 days, HDFC Bank offers a 2.50 percent interest rate. FCNR Deposit Interest Rates w.e.f. Then after 90 days, it would increase by 30%. Interest Rates are revised from time to time and made known to public. Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per regulatory directives. The more you invest – the higher the interest. (6-month) with Standard Chartered time deposit!. It’s rather simple. Overall Best Fixed Deposits Rates for 2021 African Bank has the best fixed deposits for 2020 with a 12.22% interest rate, followed by Discovery Bank at 9.01% and FNB at … Just back in 2009, the average big four term deposit rate was 5.25%, when the RBA cash rate was 7.2%. Fixed deposit in GTBank for 30 days, 60 days or 90 days or any length of time yields 3% interest rate. 10.09.2020 Revised Rates for Senior Citizens w.e.f. Lucky for you, you can find a list of the Top 6 Nigerian banks with the best interest rates below: The First Bank of Nigeria is one of the oldest and most reliable options on the market. If you choose to open a deposit with them, you’ll be offered: Now you know everything about fixed deposit interest rate in Nigeria, and know which bank to visit to get the best offer. For a sum of half a million you can enjoy the following rates: Important notice: In some of the banks present on this list, the rate percentage depends on the amount you are ready to deposit. Copyright © 2021. Post office offers fixed deposits from 1 to 5 year period. Save my name, email, and website in this browser for the next time I comment. to 7.25% p.a. Marginal Cost of funds based Lending Rates (MCLR) Savings Account Interest Rates w.e.f September 7, 2020. This customer friendly bank gives out the highest interest rate in Nigeria as your investment increases by 5% after 30 days, 5.25% interest rate after 60 days and 5.5% after 90 days of investment. SBI offers lowest FD interest rates. Interest Rate for Savings Bank Accounts wef 17th June 2020. 3 years – 5.5%. Would love your thoughts, please comment. IDFC Bank is one of the most established commercial banks of the country. If you refer one person, you will get 0.5% of their investments. Fixed Deposit Interest Rates of Banks in Nigeria (2021), How To Open A Domiciliary Account In Nigeria (2021), 10 Best Microfinance Banks in Nigeria (2021), The Difference Between Savings Account and Current Account in Nigeria, 1. Fixed Deposit Account It is an investment account with a specific amount invested at an agreed interest rate and tenor. Access bank interest rate for fixed deposit is slightly higher as if you deposit 600,000 Naira into fixed deposit, it will appreciate by 4% after 30 days of investment. Fixed Deposit: Nominal Rates Published at 2020-12-04 Period R10 000-R249 999.99 R250 000-R499 999.99 ... First National Bank - a division of FirstRand Bank Limited. The bank will remove the money to be fixed and would pay interest monthly (30 days) into your account. For an average deposit of half a million Naira you’ll receive the following: The third place goes to the Access Bank, which promises rates almost twice as good as the ones offered by First Bank. Disclaimer: All of the data provided here is accurate as of the first half of 2017. IDFC offers FD rates varies between 3.00% p.a. Then after 90 days, it will increase by 4.5%. This customer friendly bank gives out the highest interest rate in Nigeria as your investment increases by 5% after 30 days, 5.25% interest rate after 60 days and 5.5% after 90 days of investment. You can choose to open several fixed deposits at different banks and reap the interests alone. While GT offers the same rates as the previous member of our list, it gives an equal opportunity to all deposit lengths. Stanbic IBTC fixed deposit account interest rate, 3. Nigerian Infopedia is Nigeria's authoritative top quality information website that provides resourceful information about her culture, people and things associated with Nigerians. You can check Post Office Fixed Deposits details here. Deposits maturing in 1 year to less than 18 months will fetch interest of 4.90 percent while those maturing in 18 months to 2 years will give you 5 percent interest. The shortest possible term is a single month, while the longest can go for five years max. Annual Percentage Yield (APY) assumes principal and interest remain on deposit for the term of the certificate. If you choose to go with this option, you’ll enjoy marginally better rates, although the numbers still aren’t as impressive as you would expect. Offers better interest than a normal savings account. For an investment of half a million Naira, you’ll be presented with: Stambic IBTC Bank pays 0.5% interest on 180 days tenor on N1million as at 10/3/2020. 25.00 lakhs: 3.00% p.a. Pls I want to know if one deposits 100k as fix deposits what will be his interest monthly or quarterly? The money will also appreciate if you leave it. Is FD a safe investment option? Fixed deposit is a large sum of money deposited with a bank for an agreed period in exchange for interest after investment. First Bank of Nigeria Fixed Deposit Rates, What to Know Before Opening a Domiciliary Account in Nigeria, How To Register A Foreign-Owned Business in Nigeria, List of All Fidelity Bank Sort Codes in Nigeria, How to List Your Company on the Nigerian Stock Exchange (NSE), Largest Networks in Nigeria by Market Share, Television Stations in Nigeria and Their Frequencies, Everything you Need to Know About Zoom Lifestyle Lottery, List of All Major Political Crises in Nigeria Till Date, Cold Stone Creamery Contact Details & Outlets in Nigeria. The money will also appreciate if you leave it. So you can invest your money and know exactly what you will receive at maturity “Risk free returns on your investment”Fixed deposits offer attractive interest rates and runs for a pre-defined tenor. If after 60 days, the money isn’t touched, it will increase by 4.35%. Just outside of the Top 3, we have the Wema Bank. It is an important decision to invest your savings into something. Try SunTrust Bank, you can get up to 7-10% based on the amount and tenor. IDFC Bank FD Interest Rates: Check IDFC First Bank Fixed Deposit Rates & benefits. While large banks like State bank of India offer the lowest rate on tax-saving deposits, some of the smaller private sector banks offer attractive rates on these deposits. The minimum placement is S$25,000. For Wema bank, after 30 days of investment with the deposited sum, interest rate of 3% is paid into your account while after 60 days, it will yield 3.25%. Invest a once-off deposit of at least R1 000, and leave it to grow for up to five years to earn the highest interest rate. These rates will not be applicable for existing deposits booked at earlier rates. Union Bank CDs - View current CD rates and flexible term options. You determine how long you open your deposit. First Bank of Nigeria fixed deposit account interest rate, 2. What differentiates FD from other kinds of saving investments, is that you do not receive your interest every thirty days, but only once when your contract ends. Savings Bank Account interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by ICICI Bank in accordance with Reserve Bank of India directives. FD interest rates at Stanbic IBTC Bank. You are sure of your interest with no risk involved. bulk deposit rate – rates for >= 2 crores (w.e.f. That’s more like what banks pay on FD. January 1, 2021. If it is left untouched for 90 days, it will appreciate by 3.75%. We offer different features like no penalty on early withdrawal, competitive interest rates, high returns and … Stanbic IBTC fixed deposit account interest rate, 3. Be sure to double-check this information with a bank representative before committing to a deposit and signing anything. Pls sir if I invest 100,000 in sterling bank, after 1 year, how will be my interest rate. Fixed Deposit Interest Rates of Banks in Nigeria (2021), 1. Awesome…. For an average deposit of half a million Naira you’ll receive the following: The third place goes to the Access Bank, which promises rates almost twice as good as the ones offered by First Bank. You divide this annual rate by 12, 6, or 4 to get the monthly, bimonthly, or quarterly rates respectively. The shortest possible term is a single month, while the longest can go for five years max. 1 year – 5.5%. So an investment at 3% (annual) interest rate works out at 3/12% or 0.25% per month. The interest rates for FDs range within 3.00% p.a. Term Deposit Interest Rates w.e.f January 04, 2021. Senior citizens are getting 8.00% rate of interest. Sterling Bank fixed deposit account interest rate, 6. The interest rate of Stanbic IBTC fixed deposit account after 30 days of investment is 3%. but I kind of trust first bank. All interest payments for the APY will be made at the end of the term or annually, whichever occurs first. Remember that the banking industry is an ever-changing system, so be on the lookout for any new opportunities. Saving Bank deposits rates w.e.f. Apply online now. In fact, according to the current trends, most of the banks are offering FD interest rates for non-senior citizen depositors in the range of 3%-5.4% p.a. As interest rates are subject to change without prior notice, depositor shall ascertain the rates on the value date of the fixed deposit and interest will be paid at the contracted rate irrespective of change in the fixed deposit rates thereafter. Please, I want to know If one can actually deposit 100,000 and if yes, what’s the interest rate or is it only from half a million and above? Although, there are small interest rates attached, there are also several benefits of this type of investment if you choose to setup a fixed deposit account which include: Let’s say you’ve decided to invest your money in a fixed deposit, but where do you go from here? Click here to know more about fd interest rates so that you can choose the best suited fixed deposit … T&I/MUM/TDR-68/2019-20 1. Helps you save money to avoid reckless spending your savings. Access Bank fixed deposit account interest rate, 5. Thanks for this info though……. The honorary first place goes to Sterling Bank. 1. crore and higher rates on deposits less than 1 crore. Even though they don’t offer the best interest, you can be 100% sure that they will pay you back every last Naira. Earn a higher, fixed interest rate with a Union Bank Certificate of Deposit Account. As of our last available data, Sterling can offer you the best interest rates in Nigeria. You take a list of the biggest, most reliable banks in the country, and crunch the numbers to see which one of them offers the highest interest rates. Hence depositor will ascertain the rates as on the date of placement from the website. Below is a list of interest rates of 6 top banks in Nigerian fixed deposit account: The interest rate of First Bank of Nigeria fixed deposit in 30 days of investment or one month is 2.5% of the sum deposited. I suppose the interest rates you gave are annual rates. 16-01-2021) fcnr rates above 5 million Also be aware that you will need to have an existing account with the bank, and then you deposit the agreed sum you want to fix into this account. For Wema bank, after 30 days of investment with the deposited sum, interest rate of 3% is paid into your account while after 60 days, it will yield 3.25%. The interest rate of Stanbic IBTC fixed deposit account after 180 days of investment is 0.5% on N1million as at 10/3/2020. Interest rates effective from 9th November 2020. 3. Interest Rates - Deposit Interest Rates ... Interest rates are subject to change. 31.03.2020: On balance upto & including Rs. Fixed deposits vary in the length of time. We know that one of the safest options to do this by opening a fixed deposit in one of the Nigerian banks. Based on customer’s instructions, at the end of agreed period (tenor), the investment can either be rolled over (re-invested) or liquidated (returned to customer) with the interest amount earned. NigerianWiki. Bulk Deposit Interest Rates w.e.f.